BioVie (NASDAQ:BIVI) Shares Down 5.8% – Here’s What Happened

BioVie Inc. (NASDAQ:BIVI)’s share price dropped 5.8% during trading on Tuesday . The company traded as low as $1.27 and last traded at $1.31. Approximately 175,732 shares changed hands during mid-day trading, an increase of 224% from the average daily volume of 54,243 shares. The stock had previously closed at $1.39.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on BIVI shares. Wall Street Zen raised BioVie from a “sell” rating to a “hold” rating in a research report on Sunday, September 28th. Weiss Ratings restated a “sell (e+)” rating on shares of BioVie in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy”.

BioVie Trading Down 5.8%

The stock has a market capitalization of $9.88 million, a PE ratio of -0.19 and a beta of 0.53. The stock’s fifty day simple moving average is $1.58 and its 200-day simple moving average is $3.80.

BioVie (NASDAQ:BIVI) last announced its earnings results on Monday, November 10th. The company reported ($0.98) EPS for the quarter, missing the consensus estimate of ($0.79) by ($0.19).

Hedge Funds Weigh In On BioVie

A number of hedge funds and other institutional investors have recently modified their holdings of the business. XTX Topco Ltd purchased a new stake in shares of BioVie during the second quarter valued at approximately $40,000. NewEdge Advisors LLC increased its position in shares of BioVie by 283.7% during the 1st quarter. NewEdge Advisors LLC now owns 54,100 shares of the company’s stock valued at $53,000 after purchasing an additional 40,000 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of BioVie during the 2nd quarter worth $57,000. Two Sigma Investments LP purchased a new position in shares of BioVie in the 3rd quarter worth about $62,000. Finally, Squarepoint Ops LLC bought a new position in BioVie during the third quarter valued at about $63,000. Hedge funds and other institutional investors own 4.59% of the company’s stock.

About BioVie

BioVie Inc is a clinical‐stage biopharmaceutical company focused on developing novel therapies for chronic liver diseases and associated neurological complications. The company’s research and development efforts center on candidates designed to address serious unmet medical needs in hepatic encephalopathy and other liver‐related disorders. BioVie advances its pipeline through controlled clinical trials and regulatory interactions in North America.

The company’s lead product candidate, BIV201, is undergoing Phase 2 clinical evaluation for the treatment of hepatic encephalopathy, a life‐threatening condition marked by elevated neurotoxins in patients with advanced liver disease.